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Glassnode published a report on Monday that broke down investors’ on-chain behavior after the US Securities and Exchange Commission (SEC) sued two of the world’s largest cryptocurrency exchanges.
The report acknowledged an increase in the number of short-term crypto holders sending their balances on exchanges.
Exchange Deposit and Withdrawal
reports findings echoed by Last week Showing that Binance experienced significantly higher withdrawals shortly after the SEC’s Monday filing. The bitcoin and ethereum balances on the platform fell by 40,200 BTC (5.7%) and 324,000 ETH (7.1%) respectively in the past 7 days.
Meanwhile, Binance’s stablecoin balances took the biggest hit, falling by $1.6 billion (20.9%) during the past week. Since the collapse of FTX in November 2022, Binance’s stablecoin balances have dropped 75% from $26 billion to just $6.5 billion today – driven largely by other sec crackdown Its against the BUSD stablecoin issued by Paxos.
Glassnode clarified, “The exchange still holds some of the largest reserves of any entity on-chain, and their BTC and ETH balances are still quite significant.”
Coinbase – which was sued after Binance for multiple securities law violations – suffered a relatively small bitcoin (BTC) withdrawal of only 2300 BTC (0.5%). However, Ethereum withdrawals were more pronounced at 291,000 ETH (8.0%), possibly indicating heightened investor fears about the company’s staking-as-a-service product.
behavior by cohort
Investor behavior around the exchanges also appears to differ by analogy: transactions under $10 million involve frequent withdrawals, while those over $10 million tend to be frequent deposits, with net inflows of $15 million to $30 million. Happens every day.
“This suggests that very large entities (such as institutions) are more affected by SEC news than smaller entities,” Glassnode wrote.
Furthermore, short-term crypto holders are showing increased activity, accounting for 76% of recent BTC deposit volume (versus the typical 60%). Such deposits account for 0.93% of the total balance of short-term holders on the exchanges. In contrast, long-term holders showed “no apparent reaction to the news”.
analysis from cryptoquant suggestion of Even short-term holders are reluctant to sell their coins for a lot, as Cohort is waiting for an opportunity to make more profit from their purchases.
The entire crypto market fell after the SEC lawsuits last week, especially among coins causing pain. targeted According to the agency’s Coinbase filing: Solana (SOL), Cardano (ADA), and Polygon (MATIC).
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Glassnode published a report on Monday that broke down investors’ on-chain behavior after the US Securities and Exchange Commission (SEC) sued two of the world’s largest cryptocurrency exchanges.
The report acknowledged an increase in the number of short-term crypto holders sending their balances on exchanges.
Exchange Deposit and Withdrawal
reports findings echoed by Last week Showing that Binance experienced significantly higher withdrawals shortly after the SEC’s Monday filing. The bitcoin and ethereum balances on the platform fell by 40,200 BTC (5.7%) and 324,000 ETH (7.1%) respectively in the past 7 days.
Meanwhile, Binance’s stablecoin balances took the biggest hit, falling by $1.6 billion (20.9%) during the past week. Since the collapse of FTX in November 2022, Binance’s stablecoin balances have dropped 75% from $26 billion to just $6.5 billion today – driven largely by other sec crackdown Its against the BUSD stablecoin issued by Paxos.
Glassnode clarified, “The exchange still holds some of the largest reserves of any entity on-chain, and their BTC and ETH balances are still quite significant.”
Coinbase – which was sued after Binance for multiple securities law violations – suffered a relatively small bitcoin (BTC) withdrawal of only 2300 BTC (0.5%). However, Ethereum withdrawals were more pronounced at 291,000 ETH (8.0%), possibly indicating heightened investor fears about the company’s staking-as-a-service product.
behavior by cohort
Investor behavior around the exchanges also appears to differ by analogy: transactions under $10 million involve frequent withdrawals, while those over $10 million tend to be frequent deposits, with net inflows of $15 million to $30 million. Happens every day.
“This suggests that very large entities (such as institutions) are more affected by SEC news than smaller entities,” Glassnode wrote.
Furthermore, short-term crypto holders are showing increased activity, accounting for 76% of recent BTC deposit volume (versus the typical 60%). Such deposits account for 0.93% of the total balance of short-term holders on the exchanges. In contrast, long-term holders showed “no apparent reaction to the news”.
analysis from cryptoquant suggestion of Even short-term holders are reluctant to sell their coins for a lot, as Cohort is waiting for an opportunity to make more profit from their purchases.
The entire crypto market fell after the SEC lawsuits last week, especially among coins causing pain. targeted According to the agency’s Coinbase filing: Solana (SOL), Cardano (ADA), and Polygon (MATIC).
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
